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UK Thin film solar cells market to reach 4GW power generation capacity by 2024 | By Key Vendors Hankey Asia, Global Solar, SOLAR FRONTIER K.K., Xunlight Kunshan, MiaSole Hi-Tech Corporation
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Thin film solar cells market is experiencing a heavy demand across commercial, utility, and residential sectors. Escalating need for sustainable and incessant power supply along with rise in the number of electrification programs will boost the industry size in the commercial sector. Thin film solar cells industry revenue in the residential sector is projected to grow significantly over the coming seven years, driven by rise in rooftop deployments. Growing government investments in renewable energy projects is forecast to foster the industry growth in utility sector in the near future.
Major components of thin film solar cells include cadmium telluride, copper indium gallium diselenide, and amorphous silicon. Low manufacturing costs and extensive applications in power generation is anticipated to encourage/fuel the cadmium telluride thin film solar cells industry growth over the period of 2016-2024. Amorphous silicon thin film solar cells market is expected to witness a notable/ remarkable growth over the coming seven years, owing to its increasing use in electronic calculators, solar wristwatches, thin film transistors, and electronic calculators. Copper indium gallium diselenide industry size is forecast to hit USD 8 billion by 2024, driven by its ability to absorb more sunlight.
Geographies that are anticipated to influence thin film solar cells market over 2016-2024 are listed below:
US is one of the prominent regions which is actively involved in the market. Positive outlook toward relying more on renewable energy sources along with increasing installation of photo voltaic models is fueling U.S. thin film solar cells industry.
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Asia Pacific is expected to hold a considerable industry share in terms of revenue with China prominently driving the regional demand. China thin film solar cells industry accounted for more than 40% of the regional market in 2015 and will register a massive double digit growth rate of 15% over the forecast span. The growth can be attributed to the huge investment in the PV projects in China.
UK thin film solar cells market covered more than 25% of the market share in 2015 and will cross 4GW power generation capacity by 2024, owing to the favorable government initiatives pertaining to sustainable energy production.
Thin Film Solar Cells Market was over USD 8 billion in 2015 with to grow at 16% CAGR from 2018 to 2024. With a great deal of interest to improve the quality of solar power system due to fossil fuels rigorously getting drained, thin film solar cells industry is speedily evolving with every passing year.
Strong concerns regarding global environmental issues has brought a dramatic growth in the clean energy market, with solar energy at the pinnacle. Furthermore, the surging demand for electricity specially from off grid areas along with reducing renewable energy tariff subjected to the increase in competitive bidding will heighten the market demand in the coming timeframe. As per a report by Global Market Insights, Inc., “Global thin film solar cells market is expected to increase its revenue fourfold by surpassing USD 30 billion by 2024, having had a worth of USD 8 billion in 2015.”Technological progressions along with a large number of promising energy conservation programs that have been initiated worldwide have resulted in a decline in overall component cost. These adopted initiations will act as a catalyzer for the overall growth of the market. In this regard, India is already a step ahead. In 2016, the country has launched a target of deploying 20 GW grid connected solar power projects in half a decade, which will finally result in cost reduction of solar power generation of the country.
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Key participants include Thin film solar cells market Ascent Solar Technologies Inc., Trony Solar Holdings Company Limited, Global Solar Incorporation, SOLAR FRONTIER K.K., Oxford Photovoltaics Limited, Hankey Asia Limited, Xunlight (Kunshan) Company Limited, and MiaSole Hi-Tech Corporation.
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